As we near the end of the Government fiscal year, the Commission filed a variety of cases. The cases focused on offering frauds, cross trading, short sales, a breach of duty, SARs, insider trading, false statements, crypto assets and related
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Commission Brings Action Against Billion Dollar Advisory of Russian Citizen
The Investment Advisers Act requires that firms or individuals that are in the business of advising others about securities investments and are compensated for their services register with the Commission with few exceptions. A number of provisions of the Advisers…
Commission Charges Three as Unregistered Brokers and Dealers
Purchasing and selling securities for the account of others without registering as a broker has long been held to be a violation of the Exchange Act Section 15(a). Similarly, purchasing and selling securities for your own account has long been…
This Week In Securities Litigation (Week of September 18, 2023)
The Commission filed seventeen new cases last week. Those included 9 stemming from a sweep regarding the application of the new Marketing Rule. That Rule focuses on the use of hypotheticals in advertisements. The other cases centered on crypto assets,…
Crypto Assets Tied to Webcast Show Are Securities
Crypto assets such as bitcoin are purchased and sold each day. The assets are frequently in the form of a coin and may be attached to a blockchain. Over the last few years the number of different types of crypto…
Commission Sanctions 9 Advisors Based on Marketing Rule
Marketing is frequently a key element for a business. It gives the company an opportunity to showcase its products to those who might be interested. While at times claims are exaggerated, or are what is sometimes called “puffery,” many members…
This Week In Securities Litigation (Week of September 11, 2023)
We begin this week with a day of remembrance. September 11 will always be a special day and one to remember all those who died, were injured, and witnessed the unbelievable events that transpired. May we always recall what happened,…
Labor Day
Commission Files Another Free Riding Case
Free riding is often, but not always, a profitable but prohibited endeavor for traders. The practice is based on defrauding brokers by opening an account, funding it with money to come from another account of the trader which lacks funds,…
This Week In Securities Litigation (Week of August 28, 2023)
Summer is heading for its traditional close at Labor Day as many have either returned to school or are finalizing their plans. The Commission, however, remained busy at work publishing new rules for private funds and a series of cases…